Tether reopens account verification and direct redemption of fiat from its platform

Today marks an important step in Tether’s journey, as we launch a
redesigned platform allowing for the verification of new customers and
direct redemption of Tether to fiat.

Tether was created October 6th
2014 in response to a clear market need to allow movements of funds
quickly between different exchanges, whilst benefiting from the
stability of the US Dollar. Although originally designed as trader
agnostic, as the first stablecoin it was impossible to predict adoption
levels and impact on the market over time.

Due to the unexpected rush of new
cryptocurrency traders over the last year, Tether grew at an unpredicted
rate, quickly making the initial model (enabling direct redemption of
Tether to fiat through its native platform) unsustainable. In this
environment, it made sense to take the stress off growing pains by
flexing the existing model to harness the established infrastructure and
security of Bitfinex, which was built to withstand a much larger volume
of customers. Those wishing to redeem could do so 1:1 via Bitfinex with
whom we had a business to business relationship.

Against this backdrop and with
alternative stablecoins entering the market, Tether has maintained its
stablecoin market domination, but naturally differentiated, with heavy
adoption amongst professional investors.

Now, thanks to stronger banking as a
result of our new relationship with Deltec, Tether is able to return to
its original vision of having a wallet for creating and redeeming
directly on its own platform without having to rely on a third party.
This update allows the immediate withdrawal of Tether to fiat (1:1),
with the ability to acquire coming soon.

New Account Requirements and Fee Structure

Designed with Tether’s professional investor audience in mind, from
27th November 2018, all accounts will have new minimal issuance and
redemption requirements equal to 100,000 USD and $100,000 USD₮,
respectively.

Our new cumulative fee structure for withdrawals and deposits within a 30 day period is displayed below:

* Tether customers are limited to one USD fiat redemption per week.

Through this update we are proud to
offer greater flexibility and utility to Tether’s customers, and a
return to our original mission for the stablecoin. Our team is working
tirelessly to ensure smooth transition to this new system, and will be
available to answer queries on [email protected]